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    BTI v Sequana - directors must continue to be aware of creditors' interests on the road to insolvency
    2022-10-10

    The UK Supreme Court handed down its decision in BTI v Sequana on 5 October 2022, unanimously dismissing the appeal from the 2019 Court of Appeal decision and confirming how directors duties ought to be applied when a company is in the zone of insolvency. Although decisions of the UK Supreme Court are not binding upon the jurisdictions in which Ogier practises law, it will nevertheless be highly persuasive and influence the approach taken in the offshore jurisdictions that Ogier advises upon.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Insolvency, UK Supreme Court
    Authors:
    Jeremy Snead , Victoria King
    Location:
    United Kingdom
    Firm:
    Ogier
    King & Wood Mallesons' submission on corporate insolvency in Australia
    2022-12-01

    Overview of this submission

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Mediation, Coronavirus, Insolvency, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    The Register of Overseas Entities From a Restructuring and Insolvency (R&I) Perspective
    2023-01-09

    This guide should not be relied on as a definitive guide to the legislation and should not be relied on as legal advice. The particular circumstances of any situation will need to be considered to determine if the overseas entity is one that is captured by the legislation, if the estate is a qualifying estate, and whether the beneficial owners need to be registered. As a result, this guide is intended only as a high-level overview.

    This guide covers the position of property and land situated in England and Wales only.

    What is the Register of Overseas Entities?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Real Estate, Squire Patton Boggs, Anti-money laundering, Insolvency, Economic Crime (Transparency and Enforcement) Act 2022 (UK)
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Dutch directors' liability for bankruptcy deficit only reduced on specified grounds
    2022-12-08

    Background

    Under Dutch law, the directors of a (private) company can be held personally liable by the trustee for the bankruptcy deficit. Liability can arise when the directors have manifestly performed their management duties improperly and if it is reasonable to assume that bankruptcy was declared as a result. Section 2:248(4) of the Dutch Civil Code (DCC) contains a list of grounds for reducing the amount of the directors’ liability.

    Decision

    Filed under:
    Netherlands, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Ralf van der Pas
    Location:
    Netherlands
    Firm:
    Taylor Wessing
    English Court recognises sole director's decision-making powers
    2022-10-11

    The High Court has recently held that the appointment of administrators by a sole director of a company with unamended Model Articles was valid.  

    Background 

    The document allegedly appointing the administrators of the company was a standard set of board minutes, reportedly chaired by a man and recording that a quorum was present. In fact, there was no meeting, and the decision was taken alone by the sole female director. 

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing, Articles of association, Insolvency
    Authors:
    Emilie Kennedy
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    UK Supreme Court's landmark decision confirms directors' 'creditor interest duty' works on a sliding scale
    2022-10-11

    The Supreme Court has unanimously dismissed the appeal of the decision in BTI –v- Sequana.

    At a time when many companies are facing financial difficulties and directors are considering their legal duties, this long-awaited judgment has confirmed that directors have a 'creditor interest duty' when a company is insolvent or bordering on insolvency or an insolvent liquidation or administration is probable.  

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, UK Supreme Court
    Authors:
    Nick Moser , Lorna Bramich , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    UK: Supreme Court confirms existence of directors' "creditor duty"
    2022-10-10

    In brief

    The UK Supreme Court has handed down its long-awaited judgment in relation to the case of BTI 2014 LLC (Appellant) v. Sequana SA and others (Respondents) [2022] UKSC 25, concerning the duty of directors of a company registered under the Companies Act 2006 to consider (and act in accordance with) the interests of the company's creditors.


    Contents

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Baker McKenzie, Insolvency, UK Supreme Court
    Authors:
    Priyanka Usmani , Matthieu Hucker
    Location:
    United Kingdom
    Firm:
    Baker McKenzie
    Significant insolvent trading decision in the UK Supreme Court - creditors' interests in the twilight zone
    2022-10-11

    The United Kingdom Supreme Court has just released an important insolvency judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana), which concerns when and the extent to which directors of a company must consider the interests of creditors.

    Filed under:
    New Zealand, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency, UK Supreme Court
    Authors:
    Scott Barker , Luke Sizer
    Location:
    New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    Significant insolvent trading decision in the UK Supreme Court - creditors' interests in the twilight zone
    2022-10-11

    The United Kingdom Supreme Court has just released an important insolvency judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana), which concerns when and the extent to which directors of a company must consider the interests of creditors.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency
    Authors:
    Scott Barker , Luke Sizer
    Location:
    United Kingdom
    Firm:
    Buddle Findlay
    (UK) 2023: The Year of the Restructuring Plan?
    2023-01-09

    It is difficult to predict what 2023 might hold for businesses in the UK. Given the difficult economic environment, many will already be facing a challenging start to the year. Although the challenges of the pandemic (such as lock downs) have gone, others have materialised. Energy price hikes and inflation rises continue to make trading conditions tough.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Liquidation, HM Revenue and Customs (UK)
    Authors:
    Rachael Markham , Charlotte Møller
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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